Bitcoin Standard Treasury Company (BSTR), led by CEO Adam Back, is approaching the completion of its SPAC merger with Cantor Equity Partners I (CEPO). In an interview with BitcoinTreasuries.net, Sean Bill, BSTR's Chief Investment Officer, said the de-SPAC process is targeting the end of this month, with the S-4 already filed and SEC review largely complete.
Bill noted that the timing aligned with a period of lower Bitcoin prices, which he views as favorable for capital deployment. "Sometimes it's better to be lucky than smart," he said.
Per public filings, BSTR expects to hold approximately 30,021 BTC at launch: 25,000 BTC contributed by the founding team (advised by Blockstream Capital) and 5,021 BTC via a Bitcoin in-kind equity PIPE — a structure that allows investors to contribute BTC directly in exchange for shares rather than converting to cash first.
The company has also raised fiat capital through three tranches: a $400M common equity PIPE, a $575M face-value convertible note at a 1% coupon, and $300M face-value preferred equity at a 7% coupon with a 15% discount (approximately $255M net proceeds). Bill indicated SPAC trust redemptions are expected to be low, though final figures will depend on shareholder votes.
BSTR plans to operate as an actively managed treasury rather than a passive Bitcoin holder. Bill outlined strategies including covered options writing, basis trading, market making, and unspecified proprietary initiatives. The company's stated goal is to grow Bitcoin-per-share over time — a metric used by several other public Bitcoin treasury companies to benchmark capital allocation efficiency.
The longer-term model, as described by Bill, draws on Berkshire Hathaway's structure: holding Bitcoin as the core asset while acquiring Bitcoin-ecosystem subsidiaries using low-cost capital. Whether that capital structure advantage holds will depend on market conditions and BSTR's ability to trade at a premium to net asset value — something several treasury companies have struggled to maintain in 2026.
Adam Back, BSTR's CEO, is a cryptographer known for inventing Hashcash, a proof-of-work system that influenced Bitcoin's design, and for leading Blockstream. His technical background is among the factors the company cites as a differentiating asset in the Bitcoin treasury space.
A shareholder vote and final regulatory approvals are expected in the coming weeks. If approved, BSTR will list on Nasdaq.
This article is based on an interview with BSTR management and public SEC filings. This is not financial advice.
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